Cops can read booklet to know basics on repossession of assets

If police refuse to file a complaint against the seizure of vehicle you took loan to buy or any other asset, just ask them to view the Gujarati version of a booklet -’Vasulat matte milkat no fher kabjo’ (handbook on repossession) issued by Finance Industries Development Council (FIDC).

The booklet is meant to resolve the disputes between the clients and finance companies. “We will provide the booklet to all police stations  so that in case of any matter of repossession by the agents of the finance companies, the exact legal aspects can be referred to,” DGP SS Khandwawala told DNA.

The booklet was unveiled by Mohan Jha, JCP, traffic, Ahmedabad city. “We may also try to introduce the book for training of police wings dealing in financial crimes,” said Jha at the Ellisbridge Gymkhana on Wednesday.

The booklet mainly focuses on legal aspects, dos and don’ts for the financial companies as well as the legal practice that has to be conducted while repossessing the defaulter’s assets.

“The booklet contains guidelines for the repossession and the protocol that has to be maintained by the finance companies,” Mukesh Gandhi, chairman of Gujarat Finance Companies Association, told DNA.